Car Wash
For Sale
$1,100,000
334 N Spence Ave, Goldsboro, NC 27534
Formerly used for automotive washing, the property includes improvements built in 1985.
Property Size1,584 SF
Price / SF$694.44
Days on Market222
Property Features for 334 N Spence Ave
General Information
Standard status
Active
Size
1,584 SF
Property subtype
Commercial
Building Details
Year Built
1985
Listing Agency:
Wayne Realty
(919) 735-1876
Listed By:
Bob Logan · License #72422
Source:
Coastalrealtyassociates
Added: Jan 21
Changed: Aug 29
Last Checked: Aug 30 at 6:01PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Wayne Realty
Investment Insights
Based on property information with market context.
The property comprises a car wash asset with 1,584 of reported property size. Improvements were constructed in 1985 and were previously associated with ABC Auto Wash. The site is located at 334 N Spence Ave in Goldsboro, North Carolina 27534. Its documented former automotive-wash use provides the primary basis for evaluating the property.
Key Highlights
- Former ABC Auto Wash property
- 1,584 reported property size
- Improvements constructed in 1985
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$89,144
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.10%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,782,880
$1.8M
Cap Rate 7%
$1,273,486
$1.3M
Cap Rate 9%
$990,489
$990.5K
Market Conditions
NOI Build-Up for 1,584 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$122.0K $77.04/SF
− Vacancy
−$3.2K −$2.00/SF
EGI
$118.9K $75.04/SF
− OpEx
−$29.7K −$18.76/SF
NOI
$89.1K $56.28/SF
Area
Wayne County, NC
Vacancy
2.60%
Lease Rate
$77.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,782,880
Cap Rate 7%
$1,273,486
Cap Rate 9%
$990,489
Alternative Uses
Best Use
Specialty Retail
$1.27M
$1.11M – $1.49M
NOI $89,144 @ 7.0% cap · market cap 8.10%
Second Best
Retail
$277.7K
$243.0K – $324.0K
NOI $19,439 @ 7.0% cap · market cap 1.77%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
881
Businesses Nearby
518k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 56%
Shops & Services 28%
Apparel 12%
Home Improvements & Furnishings 3%
Hobby Lobby
Shops & Services
43,972 visits/mo
0.1 miles
McDonald's
Dining
39,101 visits/mo
0.2 miles
DICK'S Sporting Goods
Apparel
32,593 visits/mo
0.4 miles
Cook Out
Dining
31,095 visits/mo
0.3 miles
Zaxby's Chicken Fingers & Buffalo Wings
Dining
28,903 visits/mo
0.2 miles
Demographics for 27534, NC
30,844
Population
15,158
Households
2
Avg Household Size
38
Median Age
29%
College-Educated
91%
High-School Grad
73.1 sq mi
ZIP Area
422
Density / Sq Mi
$59,950
Median Household Income
$39,686
Median Earnings
$1,106
Median Rent
$187,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Formerly used for automotive washing, the property includes improvements built in 1985.
Where is this car wash located?
The property is located at 334 N Spence Ave Goldsboro, NC.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Former ABC Auto Wash property; 1,584 reported property size; Improvements constructed in 1985
